When it comes time to create an estate plan, there is no shortage of legal arrangements to consider. Your goal is to make the right decisions at the right time, all with the idea of doing what's best for your family upon your death.
There are many questions associated with the creation of a living trust. In short, this is a trust that you create during your lifetime, which provides you benefits while you're living and your loved one benefits upon your death.
Some of the questions you need to answer include:
-- What are the primary benefits of a living trust? From the ability for your assets to avoid probate to the greater level of privacy, there are several reasons why this type of trust has become more popular as of late.
-- What is the process of creating a living trust? This isn't something to attempt on your own, as there are many steps you need to take to ensure that your trust is 100 percent legal.
-- Is it difficult to manage a living trust? Unlike a will, for example, there is some management associated with a living trust. For example, you'll need to take several steps every time you want to move an asset into the trust. Even so, the benefits typically outweigh any potential drawback.
Once you learn more about a living trust and once you address these questions, it becomes easier to decide if this is the right estate planning move for you and your family.
As long as you know the benefits and the steps to follow to create the trust, everything will come together soon enough. An attorney can provide the guidance you need.
Source: FindLaw, "Living Trust Information," accessed Feb. 14, 2017